Deal Watch 6/15/12

Posted on June 15, 2012 at 8:06 PM

       Felda to offer $3.2 billion IPO in Malaysia

In Kuala Lumpur, Malaysian plantation company Felda Global Ventures announced Wednesday its upcoming $3.2 billion dollar IPO on June 28. The deal is the second largest IPO of the year, next to Facebook’s $16 billion dollar offering and it comes in the midst of a drought in Asia Pacific IPOs, where deal volumes have decreased by nearly 50% from last years data. The move also furthers Malaysia’s stake as Asia’s current top IPO destination, ahead of Hong Kong and Shenzhen. Companies feel secure in the Malaysian market because it is partially insulated from international market volatility due to its large domestic pension fund system, as well as a great number of local investors. Felda appointed CIMB Investment Bank Bhd. and Maybank Investment Bank as their principal advisers.

       IHH Healthcare gets needed financial backing for IPO

Blackrock Inc, Capital Group and Och-Ziff Capital Management Group have pledged to back Malaysian IHH Healthcare’s $2 billion listing. The three will reportedly buy out 1.3 billion shares of the 2.2 billion available. Malaysia’s pension fund and Prudential’s Plc’s Eastspring Investments have also committed to the IPO but their share holdings remain hidden. As IHH searches for more cornerstone investors it is also reaching out to Kuwait’s sovereign wealth fund. IHH plans to open in late July, in the face of a global economic slump, due in part to doubt over the European debt crisis and China’s slowing economy. The deal is going to be the second largest of the year, and the fourth largest opening in the history of Malaysia. CIMB, Bank of America, Merrill Lynch and Deutsche Bank are joint lead co-ordinators. Credit Suisse, DBS, Goldman Sachs and Maybank are joint bookrunners for this IPO, and Nomura, OCBC and UBS are co-lead managers.

        China National Offshore Oil Corporation Issues $2 Billion Bonds

Davis Polk & Wardwell, Walkers, Linklaters and Commerce & Finance acted in CNOOC Finance’s $2 billion guaranteed bond offering. CNOOC is China’s top offshore oil producer and one of the world’s largest independent oil and natural gas exploration and production companies. Barclays Bank, BOCI Asia, and Citigroup Global Markets were the joint lead mangers. Davis Polk partners Eugene C. Gregor, Antony Dapiran, Lucy W. Farr, John D. Paton, and John B. Reynolds III formed an international team from offices in Tokyo, Beijing, HK, New York, Washington and London to represent CNOOC on U.S. and Hong Kong law aspects of its offering.

       Allen & Gledhill advises DBS       

Allen & Gledhill advised DBS Bank’s as the sole arranger, issuing and paying agent, agent bank, and central money-market unit service and paying agent, and DBS Trustee Ltd, as the trustee of the holder of the notes, with respect to HSBC’s $390 million multi-currency medium term note program. Partners Margaret Chin, Sunit Chhabra and Ong Kangxin led the deal.

       Allens advises First Solar

 Solar module manufacturer First Solar launched a Government Solar Flagship program in Australia. Allens advised on the $447 million project. Construction of solar paneled power plants is scheduled to begin in 2015 across the country. Partner Anthony Arrow led the transaction.

        Clifford Chance Advises Credit Agricole

 Clifford Chance advised Credit Agricole Corporate and Investment Bank and The Tokyo Star Bank Ltd on their commercial financing of an A320-200 to be operated by AirAsia Japan, which does not currently operate any aircrafts. Partner Simon Briscoe led the transaction. AirAsia was advised by Stephen Harwood’s Singapore office and Latham & Watkins in Tokyo.

       Freshfields Advises China United Communications

 Freshfields advised China United Network Communications Group on its proposed takeover of part of Telefonic’s shareholding in China Unicom. The share’s proposed are worth approximately $1.4 billion. The PRC regulatory approvals committee is going to oversee the deal in late July. Chairman Teresa Ko and partner Grace Huang led the transaction.

       Simmons & Simmons Advises Chinatex

 Simmons & Simmons advises Chinatex Corporation on its application for a whitewash waiver and its acquisition of $65.9 million shares of Fountain Set Ltd. Chinatex is PRC’s biggest cotton trader, and its purchase makes it the largest shareholder in Fountain Set. Partners Davis Wang and Tom Deegan led the transaction.

       White & Case advises CDB

 White & Case has advised China Development Bank on $750 million solar power project in New Jersey. CDB plans to construct and operate several plants in the Garden State and produce over 300 Mega Watts of energy for the state. Partner John Shum led the transaction.

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